Two Wheeler Insurance

A good bike insurance plan helps you ensure a safe ride every single time.

Owner cover up to 1 lakh in case of a bike accident

Covers you against financial hits due to a stolen bike

Pre-negotiated rates for you starting from 600

Up to 50% discount on premium with a no-claim bonus

Buy Two Wheeler Policy Confidently

With 25 bike insurers near me and 100+ products to choose from, Coverfox works actively to find a plan that is ideal for you. We mean, the best one. From providing you with all the right information to offering unbiased comparisons, we do it all. Hey, you don't even need to engage with the insurer yourself.

Licensed by IRDA IRDA/ DB 556/16

Things You Need to Know About Two Wheeler Insurance Policy

Definition

What is Two Wheeler Insurance?

A two wheeler policy provides financial aid in case of an unforeseen incidents that may cause damages to your vehicle. Without a valid insurance policy, you have to bear all the financial burden due to any loss or damages that may incur to your two wheeler, and even the loss that may come with the theft.

It provides financial protection against unfortunate accident that may cause damage to the vehicle or bodily injury to the rider, pillion, pedestrians or damages to the third-party property.

Why is it required?

NO FINANCIAL STRESS!

It offers you a financial shield in case of theft or any damages caused by or to your two wheeler!

OBLIGATORY BY LAW

A photocopy of valid insurance policy must be in your possession at all times.

PERSONAL ACCIDENT COVER

Two wheeler policy holder is covered with sum insured up-to Rs. 1 lakh in case of accidental death or total permanent disability.

PEACE OF MIND

In the worst-case scenario, you are not obligated to spend tremendously on the repairs of your bike.

Types of Coverage

Types of Two Wheeler Insurance Coverage

There are two types of two wheeler insurance policy:

Third Party Liability Insurance

Comprehensive Policy

Third Party Liability Insurance

Third party liability insurance is mandatory in India as per the law. This policy covers only the damages or loss incurred by the insured bike. It also provides personal accident cover for the bike owner. However, none of the insurers will cover for any loss, damages incurred or theft of the insured bike.

Comprehensive Policy

A comprehensive policy covers own damages as well as the third-party liability. It also covers your bike in case of theft. A comprehensive policy provides a complete protection package against any natural calamities (Like Earthquake, Floods, Lightning, etc.) and man-made calamities (Like Riots, Strikes, Terrorism, etc.).

Features and Benefits

Features of Comprehensive Two Wheeler Insurance

Stay Protected: Stay covered, stay protected against any loss or damage happen to the insured bike.

Covers Third-party: Policyholder is financially covered against the third-party liability.

Protection against theft: You are covered in case of theft of your beloved two wheeler.

Why Coverfox?

Save Money on your Two Wheeler Insurance Policy

No Claim Bonus: it is a discount on the own damage premium of your insurance policy. It is offered by every insurance company for every claim-free year. For a first claim-free year, you get 20% discount on the own damage premium for the next year. It's cumulative and thus, keep on increasing with the number of claim-free years. This discount can go up to a maximum of 50% for 5 consecutive claim-free years.

Save Money: When you buy a long-term/multi-year third-party policy, you can save money on premiums. IRDAI changes the third-party policy premium every year. Generally, there's a price hike every year on third-party premium, which you don't have to pay as you lock the third-party premium for 3 years.

Engine CC: The higher the engine cubic capacity (CC) of two wheeler, the higher is the premium. Be ready to shell out money Royal Enfield riders!

Bike Make and Model: The more high-end the bike, the higher is the bike insurance premium you need to pay. That means you, Harley Davidson and Ninja owners!

Year of Manufacture: Since the rate of depreciation increases with number of years, older bikes have lower Insured Declared Value (IDV). And thus, lower premiums and vice versa.

Automobile Association of India: If you’re a member of the Automobile Association of India, approved by IRDAI, you are eligible for a discount of up to 2.5% on own-damage premium.

Anti Theft Device: If you install an anti-theft device on your bike, as approved by IRDAI, you get an additional 2.5% discount.

Voluntary Deductible Discount: If you decide to pay the minimum amount of money at the time of claim, the insurer offers a discount on the own-damage premium. The advantage is that if there’s no claim, you pay no extra cost and still save money by opting voluntary discount.

Voluntary Deductible (Rs.)

Discount

500

5% on the OD premium of the vehicle, subject to a maximum of Rs 50/-

750

10% on the OD premium of the vehicle, subject to a maximum of Rs 75/-

1000

15% on the OD premium of the vehicle, subject to a maximum of Rs 125/-

1500

20% on the OD premium of the vehicle, subject to a maximum of Rs 200/-

Compare Two Wheeler Insurance Policies Online & Get the Best Deal

Coverfox has simplified the process of comparing insurance policies online.

Why Compare Two Wheeler Insurance policies?

Choosing bike was probably not that easy. After all, so many options.

However, choosing an insurance policy won't be that complicated. In fact, it's easy, simple, and straightforward.

No matter which or what type of two wheeler (scooter, scooty, bike, cruiser, sports bike, etc.) you ride, get a two wheeler policy.

But with so many two wheeler insurance companies offering different premium, the ideal way is to compare before buying one.

Coverfox Makes Comparison Easy

After entering the basic details of your two wheeler, all you have to do is click on – Get Quotes, based on the entered details, Coverfox will fetch quotes from different insurers for you. It’s that easy. Within a minute, policies offered by the different insurer will be displayed on your screen. You can check the details and compare various plans. It’s instant and simple.

Steps to Compare Two Wheeler Insurance Policies Online

Enter your two wheeler details – Vehicle number, if you don't know the number then enter the basic details of your two wheeler, such as model, make, and variant.

Enter the registration details of your two wheeler.

Check and declare if the policy has expired or not.

Finally, click on Get Quotes.

Things You Should Consider While Comparing Two Wheeler Insurance Policies

Compare type of Coverage (Third Party Liability or Comprehensive).

Compare Insured Declared Value (IDV).

Compare Premium.

Compare Add-on Covers.

Unique Benefits of Comparing Policies

Save Money: Compare different insurance policies and save money

Best Plan: Compare to get the best plan for your two wheeler

Insured Declared Value: Compare Insured Declared Value offered

Add-on Covers: Compare add-on covers offered by various insurers

What is Multi Year Two Wheeler Insurance?

A third-party insurance policy is valid only for one year, which needs to be renewed every year before the policy lapse.

However, a multi year two wheeler insurance policy is unique. With a long-term/multi-year insurance policy, you can cover your two wheeler for 3 years in a single policy.

You don't have to renew the insurance each year.

Benefits of Multi-year Two Wheeler Insurance Plan:

Save up to 20–40% upfront on premium

IRDA hikes the third-party liability portion of the premium by up to 20% each year. Multiyear insurance saves you against the hike of third-party premium and service tax.

Eliminates the hassle of yearly renewal

Renewing your policy once for three continuous years is stress-free as compared to renewing your two wheeler insurance policy annually.

Protection for long-term

Ride safely and happily by enjoying long-term financial protection of your vehicle for three years. Also, you receive one policy document that is valid for three years.

Easy cancellation of policy

Insurers make the multiyear insurance policy cancellation easier. In a multi-year year plan, if you make a claim in case of theft/loss, you may get the refund of premium of the remaining period.

Lucrative discounts offered

At times, insurance companies offer upfront discounts on multi-year two wheeler insurance policies. This helps you save on your premiums.

Better No-Claim Bonus

If you are eligible for 25% NCB, itâ€™s applied on the premium of all 3 years. In single year policy, you lose the 25% with one claim. But, in multiyear plan, the 25% is locked for you.

The sole purpose of buying insurance for your two wheeler is to get adequately compensated for any damages and losses. To ensure that you raise a successful claim, it’s necessary to keep all the relevant documents at hand. While insurance companies try their best to avoid pesky paperwork, here is a list of documents you need to have on you:

The copy of the Registration Certificate & Tax Receipt of your bike.

The proof of valid insurance document.

Copy of your Motor Driving License

Copy of FIR/Panchanama in case of Theft or Third Party damage/death/bodily injury.

Repair Bills and Payment Receipts in case of reimbursement. That sounds about right?

What is zero or nil depreciation add-on cover for your two wheeler?

At the time of claim, the insurance company does not pay the depreciable cost. Depreciable two wheeler parts such as rubber, plastic, metal are not fully covered. The depreciable cost as per the body parts are deducted at the time of claim repair, which the policyholder has to pay.

But with the help of zero depreciation add-on cover, you save money even on those depreciable parts at the time of claim repair. Because of this add-on cover, the insurance company pays the full amount of repair and/or replacement of depreciable parts (except tyre(s) and tube(s)).

How to make a claim on your bike insurance policy?

Required steps and supporting documents:

In case of Accident

Immediately contact Coverfox.com

Lodge a claim with duly signed claim form

Copy of Driving License, RC book, Policy document

FIR, if required (Kindly note down, contact details of people and vehicle number involved in accident)

Original Repair Estimate Bill

In case of cashless service, only Invoice receipt

In case of reimbursement provide estimate bill, original invoice and payment receipt

In case of Two wheeler Theft

Immediately contact Coverfox.com

Lodge a claim with duly signed claim form

Original keys with Copy of Driving License, RC book, Policy document

Police FIR copy

Duly signed Form 26, 28, 29, 30 and Form 35.

Final confirmation with “No Trace Report” of the insured vehicle from the police

There's no better way to put this, but the real answer is 'no'. With regulated pricing and premiums set by the IRDA, the prices you see here are the ones you see everywhere (lower prices elsewhere usually mean there's a possibility of hidden charges). The only difference? At Coverfox, we don't look for the cheapest price, we look for the right one.

2.HOW DO I PAY?

Online payments can be a major hassle, but not with Coverfox. This is why you don’t need a Credit Card; you can make payments through just Net Banking or your ATM/Debit Card. Unfortunately, we can’t support cash on delivery or cheques, just because we want to keep it online and simple. We do allow for card-on-delivery payment though. But this only works in the case of customers with expired car insurance, where an inspection is required.

3.HOW AND WHEN WILL I GET MY POLICY?

You'd get your policy before you finish reading this answer. It's THAT fast. Once you choose your product and make your payment, it’s sent to your inboxes right away. No hard copies, because we are also secret environmentalists. If by any chance there is a delay due to a medical check or an expired vehicle inspection, we promise that you’ll be informed in advance.

4.WHO DO YOU TALK TO WHEN YOU NEED ASSISTANCE AFTER BUYING A PRODUCT?

With our excellent Customer Service, we make sure that you never have to deal with the insurer personally. We make it that convenient. Our relationship with insurance companies ensures our dedication to every customer! In fact, we offer free claim assistance during emergencies to even those who may not have bought insurance policy from us. After all, Coverfox is simply a phone call away for anyone in need.

5.HOW IS COVERFOX DIFFERENT FROM THE OTHERS?

Here, we don’t take any sides (apart from yours) when it comes to insurers – in fact, we don’t even ask you for your contact details for comparing various products until you are convinced. You can say that we are always looking out for you – like the friend you call at 4 am - whether it’s finding you the perfect policy or making sure you get only the best deals, we are on your side. As an IRDA approved organization, we are as genuine as they can get.